Cooled further in October to its lowest level in 31 months on subdued price pressure
The headline inflation continued to fall below its 10-year average of 2.0% in October (1.8%; Sep: 1.9%), matching house forecast but slightly lower than market estimate of 1.9%
- The moderation was primarily driven by a reduction in food inflationary pressure, due to the base effect and the continued decline in the prices of food at home. On a monthly basis, inflation was relatively unchanged or a marginal growth rate of just 0.08%, as muted housing costs were offset by increases in the transport and restaurant & hotel subcomponents.
- Core CPI is also on a downward trajectory, moderating to 2.4% (Sep: 2.5%). On a MoM basis, it recorded a flat growth of 0.0% MoM (Sep: 0.3%), primarily attributed to the absence of price pressure in most subcomponents.
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